CBN Records Nearly $21bn in Foreign Investments as Cardoso Highlights Strengthened FX Reforms

Foreign investment inflows into Nigeria surged to $20.98 billion between January and October 2025, marking one of the strongest investment rebounds in recent years, according to the Central Bank of Nigeria (CBN).

CBN Governor Olayemi Cardoso announced the figures on Friday while addressing bankers at the 60th annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Cardoso said the volume of inflows represents a 70 percent jump compared to the entire inflows recorded in 2024, and a remarkable 428 percent rise from the $3.9 billion posted in 2023.

He described the development as a firm indication of rising investor confidence in Nigeria’s financial landscape.

According to him, the improvement in foreign capital inflows is closely tied to the series of reforms undertaken by the apex bank over the past year—chief among them being the maintenance of a unified exchange rate regime.

He noted that the long-standing foreign exchange backlog, which had once stalled business planning and weakened market trust, has now been completely cleared.

“Its resolution has restored credibility to the system and allowed businesses to make projections with greater certainty,” he said.

The CBN governor also highlighted the introduction of the Nigerian Foreign Exchange (FX) Code, a regulatory framework that defines standards for ethical conduct, transparency, governance, and fair practices among licensed FX dealers.

In addition, Cardoso pointed to the rollout of the Electronic Foreign Exchange Management System (EFEMS), powered by Bloomberg’s BMatch technology.

He said the digital platform has modernised FX transactions by enforcing compulsory order submissions, enhancing regulatory oversight in real time, and improving price discovery.

Cardoso emphasized that these combined reforms have minimized opacity, discouraged market manipulation, and reinforced discipline across the foreign exchange ecosystem.